|
Fed tax credit
I'm familiar with the $10,000 adoption tax credit, and I know that you can carry forward for five years. But my tax accountant just advised me to change my withholding to 13 or so exemptions/allowances for the last quarter of the year so I get to the point where I owe enough taxes to even cash in on the tax credit. Does this make sense? Is the goal, essentially, to end up owing about $2,000 each year for five years and have the tax credit wipe it out?
Also, does this apply in any way to state tax withholding?
BTW, Papa D and family are enjoying our two week old daughter after ICPC cleared. We're getting more gifts than we got for our wedding!
|